Society will produce ________ if price and marginal cost are equated for all firms.
A. the minimum output
B. the efficient mix of output
C. no output
D. the maximum output
Answer: B
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The above figure is referred to as a(n)
A) trade-off curve. B) opportunity curve. C) production possibilities curve. D) scarcity-shortage curve.
Since 1929, total government taxes as a percentage of GDP:
a. climbed from 10 percent to about 30 percent. b. remained close to 30 percent. c. climbed from 30 percent to about 50 percent. d. climbed from 15 percent to about 50 percent.
In order to maximise tax revenue, which of the following goods should the government choose to put a higher rate of VAT?
(a) St Bernard cornflakes with a PED value of -8.0. (b) Eggs with a PED value of -0.4. (c) Frozen vegetables with a PED value of -2.8. (d) Aldi milk with a PED value of -4.0.
An economy produces only 500,000 tables valued at $100 each. Of these, 100,000 are sold to consumers, 200,000 are sold to businesses, 100,000 are sold to the government, and 50,000 are sold abroad. No tables are imported. At the end of the year, the table manufacturers hold the unsold tables in inventory. What is the value of the investment component of GDP?
A. $10 million B. $50 million C. $2 billion D. $25 million